ANTIGUA & BARBUDA: Government Borrows to Pay Salaries------------------------------------------------------The Daily Observer reports that "government cannot now meet itspayroll expenses from revenue and must borrow to supplementrevenue."

Chief of Staff Lionel "Max" Hurst made the disclosure in a post-Cabinet interview with state media, according to The DailyObserver. The report notes that Mr. Hurst said the Gaston Browne-administration had to borrow EC$15 million to pay governmentworkers at the end of October.

"That, I think, is the greatest challenge the government facesother than the challenge of creating jobs," the report quoted Mr.Hurst as saying.

Mr. Hurst did not elaborate on where the funds originated, andattempts to reach Minister of State in the Ministry of FinanceLennox Weston for answers, were unsuccessful, the report relates.

Mr. Hurst said the Cabinet was very concerned about government'sinability to meet its wages and salaries on time, admitting thatit has struggled to do so since taking office, the report notes.

"We inherited this, and we are five months since the elections ofthe June 12th, and clearly this problem persists. We know thatthe way to ensure this problem disappears is to grow the economyof Antigua & Barbuda," the chief of staff said, the report relays.

The Treasury needs about EC$26 million each month for governmentsalaries and wages and other emoluments, the report notes. Inaddition, it must find money to pay other obligations tocontractors and suppliers of goods and services, the reportrelates.

The Browne administration has reported that since taking office ithas secured over EC$3 billion in investment commitments, thereport notes. Mr. Hurst said it will take time before these aretranslated into growth in the economy, the report adds.

* * *

As reported in the Troubled Company Reporter-Latin America onSeptember 23, 2014, The Daily Observer said that Antigua & Barbudacould soon find itself in the company of Japan, Zimbabwe, andGreece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administrationindicated that the nation's debt was 87 per cent of GDP, accordingto The Daily Observer. However, Prime Minister Gaston Browne hasdisputed the figure, deeming it to be as high as 130 per cent, thereport noted.

Minister Browne said while his government's increased borrowing ispushing up the nation's debt-to-GDP ratio, it is necessary tosolve the country's problems, the report related.

ANTIGUA & BARBUDA: Government Fires More Workers------------------------------------------------The Daily Observer reports that over 20 workers at the AntiguaBarbuda Transport Board, some of whom have up to 10 years' servicewith the institution, were sent packing, and it was allegedly donewithout consultation with their union.

The Daily Observer understands another 40 workers are likely to belet go, but it's uncertain when this would occur.

The report notes that the retrenchment of the more than 20 staffcomes a month after six managers were made redundant, as part ofwhat the Board said was a restructuring plan for the institutionof 238 staff.

Acting General Manager Hubert Jarvis, told The Daily Observermedia, "About 21 to 22 people were sent home." Mr. Jarvis saidhe's unsure whether more workers would be retrenched, the reportrelates.

The acting GM said he was also unable to provide more informationat the time since he was "engaged" and "busy", the report says.There's no word on how and when the workers would be paid foryears of service and in lieu of notice, among other benefits, thereport discloses.

Representative of some of the workers, David Massiah of theAntigua & Barbuda Workers Union (ABWU) said he is not surprised bythe move, but would not go as far as to say he's certain it is aform of victimization against a particular group, the report adds.

* * *

As reported in the Troubled Company Reporter-Latin America onSeptember 23, 2014, The Daily Observer said that Antigua & Barbudacould soon find itself in the company of Japan, Zimbabwe, andGreece, the countries with the highest national debts.

In the January 2014 budget presentation, the former administrationindicated that the nation's debt was 87 per cent of GDP, accordingto The Daily Observer. However, Prime Minister Gaston Browne hasdisputed the figure, deeming it to be as high as 130 per cent, thereport noted.

Minister Browne said while his government's increased borrowing ispushing up the nation's debt-to-GDP ratio, it is necessary tosolve the country's problems, the report related.

=================A R G E N T I N A=================

PAN AMERICAN: Fitch Affirms 'B/RR3' LT Sr. Unsecured Bond Rating----------------------------------------------------------------Fitch Ratings has affirmed Pan American Energy LLC SucursalArgentina's (PAME) long-term senior unsecured bond rating for itsUSD500 million notes due May 2021 at 'B/RR3'. PAME is a fullyowned subsidiary of Pan American Energy LLC (PAE), whose foreigncurrency and local currency Issuer Default Ratings (IDRs) are 'B-'and 'B+', respectively. PAE is a guarantor of the notes. The bondrating is notched up above the Argentina country ceiling of 'CCC'given PAME's overall financial/operational strength and lowertransfer and convertibility risk than other Argentine corporatesgiven its substantial dollar-denominated exports.

Transfer and Convertibility Risk Mitigated

In 2011, Argentine oil and gas producers lost the right tomaintain up to 70% of export proceeds abroad and are presentlyobliged to repatriate 100% of export revenues. Despite theserestrictions, PAME mitigates this risk to a degree by generatingexport proceeds abroad that far exceed its foreign debtobligations. This allows the company to service foreign debtdespite the payment restrictions. In 2013, Pan American Energy LLCSucursal Argentina's (PAME) exports totaled USD1.5 billion. Thisfigure compares well with less than USD500 million of short-termdebt, which is comprised of a mix of amortizations of long-termdebt, intercompany loans and short-term borrowings.

Strong Business Position

PAME has a strong business position in the Argentine market andits credit metrics are expected to remain strong. Ownership by astrong parent, reliable cash flow generation and significantlevels of exports support PAE's foreign currency Issuer DefaultRating (IDR), which is rated one notch above Argentina's countryceiling. PAE is 60% owned by BP plc, which has an IDR of 'A' witha Stable Outlook. PAME's track record of meeting payments duringstressed sovereign scenarios is also positively factored into itsforeign currency rating, which is higher than that of thegovernment.

Large Reserve Base

PAME had oil and gas reserves of 1.4 billion barrels of oilequivalent (boe), equivalent to 18.2 years of production, as ofDecember 2013. The company has historically increased reserves andproduction volumes sustainably, despite operating under achallenging environment.

Solid Credit Metrics

PAME's leverage is low at approximately USD1.0 of debt per barrelof proved reserves (as of December 2013). Its liquidity isequivalent to USD127 million, and the company has adequate accessto financial markets. While the company's leverage may increase inthe future to support the company's growth strategy, PAME'sfinancial strategy is to maintain a conservative capital structurethat will remain strong for its rating category.

Rating Sensitivities

Catalysts for a negative rating action could include a materialincrease in the government's interference in the sector, adowngrade of Argentina's sovereign rating, and a significantincrease in debt levels without an associated revenue increase.

A positive rating action seems unlikely due to the businessenvironment in Argentina, as well as the fact that the bond israted above the country ceiling.

Soros Fund Management LLC sold about US$17 million of YPF Americandepositary receipts to take a 3.4 percent stake in the company asof Sept. 30, according to a Nov. 14 filing, Bloomberg News notes.Loeb's Third Point LLC reduced its holding by 2.5 million shares,or US$92.5 million, to a less than 1 percent stake, Bloomberg Newsrelates. Perry Capital LLC said Nov. 13 it sold some of its YPFshares in the period, leaving it with a 1.2 percent holding,Bloomberg News relates.

The New York-based hedge funds trimmed their holdings in the thirdquarter as YPF, which was expropriated by Argentine PresidentCristina Fernandez de Kirchner in 2012, reached a 30-month high inthe stock market and oil began to slide amid rising global output,Bloomberg News relates. The oil company has since lost 11 percentin the fourth quarter as crude plunged to four-year lows.

YPF SA remains Soros's largest position and has become a widelyheld security among hedge funds betting on an investment boom onceArgentina settles with creditors from its 2001 default, BloombergNews relates. Kyle Bass's Hayman Capital Management LP bought aUS$79.2 million stake in the third quarter on speculation theenergy company will be the main beneficiary of capital inflowswhen the legal dispute is resolved, Bloomberg News discloses.

Argentina defaulted on its foreign bonds in July after Fernandezrefused to comply with a U.S. court order to pay investors from2001 she calls "vultures," led by Elliott Management Corp., whenpaying restructured debt, Bloomberg News relates. The nationhasn't sold bonds abroad in more than 13 years, and is preventedfrom doing so until the dispute is resolved.

'Primary Beneficiary'

"Once the issues with the vultures have passed, Argentina willattract hundreds of billions of dollars of FDI," Mr. Bass said ina statement e-mailed Nov. 14, Bloomberg News notes. "YPF willlikely be the primary beneficiary of these capital flows," Mr.Bass added.

Argentina, which has the world's second-largest shale gas reservesconcentrated in the Vaca Muerta deposit in Neuquen province,posted a US$5.2 billion energy deficit through September,according to the national statistics agency, Bloomberg News notes.

President Fernandez seized a 51 percent stake in YPF SA fromSpain's Repsol SA in 2012, arguing that the company was failing toinvest in exploration and production amid declining output,Bloomberg News notes. The US$13.1 billion company, now run byformer Schlumberger Ltd. executive Miguel Galuccio, beat analystestimates and increased gas output by 26 percent in the thirdquarter, Bloomberg News adds.

YPF SA is an energy company, operating a fully integrated oil andgas chain with leading market positions across the domesticupstream and downstream segments.

* * *

As reported in the Troubled Company Reporter-Latin America onAug. 11, 2014, Fitch affirmed YPF S.A.'s Caa1 Global LocalCurrency Issuer Rating and Baa1.ar National Local Currency IssuerRating. The outlook was changed to Negative from Stable.

==========================C A Y M A N I S L A N D S==========================

ALPSTAR EUROPEAN: Creditors' Proofs of Debt Due Nov. 20-------------------------------------------------------The creditors of Alpstar European Credit Opportunities MasterFund, Ltd. are required to file their proofs of debt by Nov. 20,2014, to be included in the company's dividend distribution.

ATHENA STONEHORSE: Creditors' Proofs of Debt Due Nov. 19--------------------------------------------------------The creditors of Athena Stonehorse Fund, Ltd. are required to filetheir proofs of debt by Nov. 19, 2014, to be included in thecompany's dividend distribution.

COOPERNEFF MASTER: Creditors' Proofs of Debt Due Nov. 20--------------------------------------------------------The creditors of Cooperneff Master Fund I Segregated PortfolioCompany are required to file their proofs of debt by Nov. 20,2014, to be included in the company's dividend distribution.

FRAIHA LEASING: Creditors' Proofs of Debt Due Nov. 19-----------------------------------------------------The creditors of Fraiha Leasing Limited are required to file theirproofs of debt by Nov. 19, 2014, to be included in the company'sdividend distribution.

MARATHON INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 21-------------------------------------------------------------The creditors of Marathon International Oil Turquesa Limited arerequired to file their proofs of debt by Nov. 21, 2014, to beincluded in the company's dividend distribution.

The company's liquidator is:

Y.R. Kunetka 5555 San Felipe St. Houston, Texas 77056 U.S.A.

NAVIGATOR CDO 2004: Creditors' Proofs of Debt Due Nov. 19---------------------------------------------------------The creditors of Navigator CDO 2004, Ltd are required to filetheir proofs of debt by Nov. 19, 2014, to be included in thecompany's dividend distribution.

OHA COAST: Creditors' Proofs of Debt Due Nov. 20------------------------------------------------The creditors of Oha Coast Hedging, Ltd. are required to filetheir proofs of debt by Nov. 20, 2014, to be included in thecompany's dividend distribution.

LATAM AIRLINES: Falls After Surprise Loss on Brazil Real Drop-------------------------------------------------------------Eduardo Thomson at Bloomberg News reports that Latam AirlinesGroup SA tumbled the most since July after reporting an unexpectedquarterly loss amid a slide in Brazil's real.

According to the report, shares of Latin America's largestairline, formed by the merger of LAN Airlines SA with Brazil's TamSA, sank 3.7 percent to 6,906.7 pesos at the close in Santiago onNov. 15, the biggest decrease since July 21. The IPSA benchmarkindex retreated 0.3 percent.

The Santiago-based company posted a loss of US$107.8 million inthe third quarter while the average estimate of nine analystssurveyed by Bloomberg called for adjusted net income of US$16million. Latam cited in a statement the devaluation of theBrazilian real and also said the World Cup resulted in lowerdemand for corporate passengers and cargo transportation,Bloomberg News notes.

Headquartered in Santiago, Chile, LATAM Airlines Group S.A., --http://www.latamairlinesgroup.net/-- together with its subsidiaries, provides passenger and cargo air transportationservices in South America. It provides domestic and internationalpassenger transport services to approximately 134 destinations in22 countries and cargo services to approximately 143 destinationsin 27 countries.

As reported in the Troubled Company Reporter-Latin America onOct. 9, 2014, Standard & Poor's Ratings Services revised itsoutlook on Latam Airlines Group S.A. (Latam) to stable frompositive. At the same time, S&P affirmed its 'BB' global scaleratings on Latam and 'brAA' national scale rating on itssubsidiary, Brazil-based TAM S.A., and revised the outlook on thecompany's ratings to stable from positive.

=============J A M A I C A=============

NATIONAL COMMERCIAL BANK: Posts J$11.6BB Profit for Yr Ended Sept-----------------------------------------------------------------RJR News reports that National Commercial Bank has reported profitof J$11.6 billion for its financial year, which ended inSeptember. The bank has also declared a hefty dividend.

The company said profit was up 36 per cent over last year as costsrelative to income fell, according to RJR News.

The bank declared a dividend of 96 cents per share, to be paid onDecember 11. The dividend commits the company to paying out J$2.4billion to its shareholders, the report notes.

The payment will see Michael Lee Chin, NCB Chairman, who holdsover 64 per cent of the shares, receiving more than J$1.5 billion,the report discloses.

Non-Performing Loans

NCB also disclosed that non-performing loans grew by almost J$2billion during the financial year, amounting to J$8.7 billion, thereport notes.

That was up from J$7 billion dollars in the previous year, thereport adds.

Headquartered in Kingston, Jamaica, National Commercial BankJamaica Limited -- http://www.jncb.com/-- together with its subsidiaries, provides various banking and financial products andservices primarily in Jamaica.

* * *

As reported in the Troubled Company Reporter-Latin America onMay 23, 2014, Fitch Ratings affirmed the long-term foreigncurrency and local currency IDRs for National Commercial BankJamaica Ltd. (NCBJ) at 'B-'. Fitch has also revised NCBJ's RatingOutlook to Stable from Negative. Additionally, Fitch has affirmedNCBJ's Viability Rating (VR) at 'b-' and revised its SupportRating Floor (SRF) to 'B-' from 'CCC.'

The rating on Elementia reflects S&P's assessment of its "fair"business risk profile and "significant" financial risk profile.S&P is incorporating a one-notch lift to Elementia's 'bb' anchor,as per its assessment of the company's "strategically important"subsidiary status to Grupo Kaluz.

Elementia is a leading provider of industrial solutions in LatinAmerica. As a manufacturer of specialized-value-added metals,Elementia holds a 45% share of the market in Mexico through itsNacobre and Mexalit brands, and it exports to more than 35countries. It also operates in three other business lines withinthe building materials industry: cement production, fiber-cement,and plastics manufacturing. These operations enhance itsportfolio diversification and allow for some integrated operatingefficiencies. Moreover, the company's cost structure--with pass-through of raw materials cost increases--supports itsprofitability measures. However, S&P believes that the company'soperating margins show some volatility as the pass-through ofmetal prices volatility does not fully offset the company's fixedcosts. Metal's division accounted for near 60% or revenue as of2013, this is Elementia core business and has an ample trackrecord in it with over 20 years of experience.

Elementia owns 26 plants in nine countries including the U.S.,Mexico, and Colombia. However, the company still has significantgeographic concentration-it generates about 70% of EBITDA inMexico, pro forma for 2014. Elementia's product portfolio is acompetitive advantage due to its broader scope of operations infour different markets; however, they are all correlated to theconstruction industry.

Elementia has bolstered its growth through acquisitions, thelargest of which include Lafarge's Mexican operations. With thisacquisition, Elementia will reach cement production capacity of 2million tons per year and a potential 6% market share in Mexico by2015. The company will remain focused on retail sales of premiumcement products under its "Fortaleza" brand. In S&P's view,concentration in this niche target market will increase thecompany's penetration and boost its profitability.

ELEMENTIA SA: Fitch Rates Proposed US$400MM Notes at 'BB+(exp)'---------------------------------------------------------------Fitch Ratings has assigned an expected rating of 'BB+(EXP)' toElementia, S.A. de C.V.'s (Elementia) proposed USD400 millionnotes with a maturity of up to 10 years. Proceeds from the notesissuance will be used for general corporate purposes, includingthe repayment of existing indebtedness and the purchase of jointventure minority interests. The new notes will rank pari passuwith Elementias's existing unsecured debt.

The guarantors of the notes will be Nacional de Cobre, S. A. de C.V., Mexalit Industrial, S.A. de C.V., Frigocel, S.A. de C.V.,Plycem Costa Rica, S.A. , Plycem Salvador, S.A. de C.V., EternitColombiana S.A., Eternit Pacifico S.A., Eternit Atlantico S.A.,Eternit Ecuatoriana S.A., Industrias Duralit S.A. and FibraforteS.A.. Upon completion of the acquisition of Lafarge's 47% stake inELC Tenedora de Cementos S.A.P.I. de C.V., this subsidiary willbecome a guarantor releasing guarantee obligations of the lasteight companies from the list above. Pro forma for the inclusionof ELC Tenedora de Cementos and the removal of the subsidiariesmentioned above, subsidiary guarantors account for approximately83% of Elementia's consolidated EBITDA.

The Rating Outlook for Elementia is Stable. A complete list of thecompany's current ratings follows at the end of this release.

Elementia's ratings reflect its strong business profilecharacterized by geographic and product line diversification,leading market shares in the regions where it has presence,supported by highly recognized brands and a well-developeddistribution network, stable operating results and itsshareholders' strength. Factors that limit Elementia's ratings arethe company's history of high leverage, industry cyclicality andinput cost volatility.

Key Rating Drivers

Leverage Volatility:

For the latest 12 months (LTM) to Sept. 30, 2014, Elementia'sgross leverage was 2.3x, comparing favorably to the 4.7xregistered in the same period a year ago and the still high 3.3xrecorded as of Dec. 31, 2013. The company's net debt to EBITDA atyear-end 2013 was 2.3x, below Fitch's previous expectations of netleverage in the range of 2.5x. Net debt to EBITDA for the LTMended September 2014 was 1.5x, below managements long-term targetof 2.0x. Fitch estimates that pro forma net debt to EBITDA for2014 will be around 2.4x and anticipates that Elementia willcontinue funding its future growth through a combination ofinternally generated cash and external financing. Fitch considersthat Elementia has flexibility to continue financing its growthstrategy; however, deterioration in leverage ratios or large debtfinanced acquisitions or investments could pressure the company'scredit profile.

Negative FCF during 2015-2016During the LTM to September 2014, the company's free cash flow(FCF), measured as cash flow from operations after interest paid(CFFO), capex and dividends was positive MXN743 million comparingfavorably to negative MXN100 million during 2013 primarily as aresult of lower capex. Fitch expects Elementia's FCF during 2014to be about MXN500 million and negative in 2015 and 2016 as aresult of expansionary investments in the company's cementbusiness. Built into Fitch's base case projections is CFFO ofapproximately MXN1,600 million per year and no dividend payments.

Continued Business Diversification:

The company's business position is supported by its diversifiedrevenue base. Year-to-date net sales and EBITDA represented in itsmetals division (mainly copper products) 48% and 32%, in buildingsystems 34% and 36%, in Cement 11% and 20% and in plastics 5% and6%. Elementia's cash flow and profitability are supported by itspricing strategy and by the contribution of its cement business,its highest margin business. In its metal segment, the companyapplies a cost-plus margin formula, allowing it to pass-throughmetal price variations to end customers.The company's strategy will continue to focus on growing itscurrent operations and through acquisitions. In September 2014,Elementia entered into an agreement to acquire the remaining 47%stake in ELC Tenedora de Cementos, S.A.P.I. de C.V. its jointventure with Financiere Lafarge S.A.S. The transaction is subjectto customary regulatory approvals.

Adequate Liquidity and Low Refinancing Risk:

As of Sept. 30, 2014, the company had a cash and cash equivalentbalance of MXN2,161 million, short-term debt of MXN459 million andtotal debt of MXN6,394 million. Elementia does not face large debtmaturities until late 2015 when MXN3 billion in CertificadosBursatiles come due. The company has undrawn committed creditlines for USD300 million which provide additional liquiditysupport. During 2012, the company received approximately MXN1billion in equity injections from its shareholders to support itsgrowth strategy. Fitch expects that Elementia's internallygenerated cash flows and financial flexibility will allow it tomanage its debt profile.

Environmental Regulations Could Limit Operations:

The company uses chrysotile fibers (the sole form of asbestosstill in use) for part of its production of fiber-cement products,which are sold locally where permitted in the North and SouthAmerican regions. Elementia has been investing in capacityproduction to use different fibers, such as cellulose fiber andpolyvinyl alcohol (PVA), with the majority of its manufacturingfacilities already aligned to produce with different technologies.The use of this fiber is in line with international standards andlocal environmental regulations. Even though Elementia has notbeen subject to legal claims regarding the use of chrysotile inits products, future claims cannot be ruled out, resulting inuncertain litigation risk.

Rating Sensitivities

Negative factors that could affect the company's credit profileinclude, among others, declining market shares along businesslines, reduced operating cash flows and profitability; increasedleverage and reduced liquidity; reaching or exceeding financialcovenants could also put additional pressure on the company'scredit quality.

Positive rating actions could be driven by consistent positive FCFgeneration and stable operating results through industry andeconomic cycles resulting in improvement in leverage to consistentlevels of total debt to EBITDA at or below 2.0x.

SAN LUIS POTOSI: Moody's Ups Global Scale Issuer Rating to Ba2--------------------------------------------------------------Moody's de Mexico upgraded the issuer ratings of the State of SanLuis Potosi to A2.mx (Mexico National Scale) and Ba2 (GlobalScale, local currency) from A3.mx and Ba3, respectively. Theoutlook remains stable.

At the same time, Moody's upgraded debt ratings of the followingtwo enhanced loans:

San Luis Potosi's upgrade reflects decreasing cash financingrequirements and debt levels. In 2013, the state recorded asurplus of 1.3% of total revenues from a cash financingrequirement of -2.0% in 2009 and net direct and indirect debtdecreased to 12.3% of total revenues in 2013 from 19.2% in 2009.

The rating action also reflects improved governance and managementpractices, as the state has accomplished its fiscal targets inrecent years and debt management has been more prudent.

In addition the upgrade considers the state's good economicprospects deriving from private investments in the automotive andrelated sectors in the years to come. Moody's expect that economicfavorable conditions will boost own-source revenues and thatexpenditure controls will prevail over next year's stateelections.

As a result, Moody's estimates that the state will record roughlybalanced financial results in 2014 and 2015 and that debt levelswill remain around a low 13% of total revenues.

The upgrade of the two enhanced loans reflects the upgrade of SanLuis Potosi's issuer ratings. The enhanced loan ratings aredirectly linked to the credit quality of the issuer, which ensuresthat underlying contract enforcement risks, economic risks andcredit culture risks (for which the issuer rating acts as a proxy)are embedded in the enhanced loans ratings.

Rationale For The Stable Outlook

The stable outlook reflects Moody's expectations that San LuisPotos¡ will post roughly balanced financial results and that debtlevels will stand at around 13% of total revenues.

Given the links between the loans and the credit quality of theobligor, an upgrade of San Luis Potosi's issuer rating wouldlikely result in an upgrade of its enhanced loan ratings. Theratings could also face upward pressure if observed and projecteddebt service coverage ratios increase above current thresholds.Conversely, a downgrade of the state of San Luis Potosi's issuerratings or if debt service coverage levels fall materially belowMoody's expectations would likely result in a downgrade of theratings on the loans.

The methodologies used in these ratings were Regional and LocalGovernments published in January 2013, and Rating Methodology forEnhanced Municipal and State Loans in Mexico published in June2014.

The period of time covered in the financial information used todetermine State of San Luis Potosi rating is between 1/1/2009 and31/12/2013.

======================P U E R T O R I C O======================

PUERTO RICO: Governor to Call Special Session on Bond Bill----------------------------------------------------------Michelle Kaske at Bloomberg News reports that Puerto Rico GovernorAlejandro Garcia Padilla plans to call lawmakers back to work on aborrowing bill that would bolster the finances of the GovernmentDevelopment Bank.

The measure would increase the junk-rated commonwealth's petroleumtax to US$15.50 per barrel, from US$9.25, according to BloombergNews. The Infrastructure Financing Authority, which sells bondsfor capital projects, would then issue as much as US$2.9 billionof debt backed by the additional revenue, Bloomberg News relates.Securities from the commonwealth, which have been trading atdistressed levels for a year, are tax-exempt nationwide, BloombergNews relates.

Proceeds of the deal would repay US$2.3 billion of Highways &Transportation Authority obligations, most of which is owed to theGovernment Development Bank, which handles the U.S. territory'scapital-markets transactions, Bloomberg News discloses.

Garcia Padilla will convene the session so the legislature cancontinue working on the bond bill, though a date hasn't been set,Yanira Hernandez, a spokeswoman for the governor, said in an e-mail obtained by Bloomberg News.

Nov. 15, 2014, was the last day for both chambers to consider newlegislation this year, according to Maria de Lourdes Martinez,spokeswoman for Senate President Eduardo Bhatia, Bloomberg Newsnotes. The next regular session begins Jan. 12. Lawmakers didn'tpass the bill last week because most want to include any crude-oiltax increase in a broader plan to cut personal and corporate-income levies, Assembly Representative Rafael "Tatito" Hernandezsaid in an e-mail obtained by Bloomberg News.

"The majority of the legislators want to pass the bill with thenew tax reform," Bloomberg News quoted Tatito Hernandez, whochairs the House Treasury Committee, as saying.

The funds the GDB has extended to the highways agency account forabout 21 percent of loans from the bank, which helps thecommonwealth and its localities with cash-flow needs, BloombergNews relates. It also supports economic development on theisland, Bloomberg News relates.

The GDB had about US$2 billion of net liquidity as of Oct. 24,according to an Oct. 30 webcast with investors, Bloomberg Newsrelays. Without the planned bond sale, available cash would fallto US$819 million by March 31, according to an Oct. 28 Moody'sInvestors Service report.

Garcia Padilla is a member of the Popular Democratic Party, whichalso controls the legislature, Bloomberg News notes.

=================V E N E Z U E L A=================

VENEZUELA: Dollar Income Falls 30% on Lower Oil Prices------------------------------------------------------Anatoly Kurmanaev at Bloomberg News reports that Venezuela lost 30percent of its foreign exchange revenue in the last month becauseof a "tremendous" drop in oil prices, President Nicolas Madurosaid.

Venezuela's average oil-export price 2 weeks ago fell to US$72.80a barrel, the lowest in four years, pushing the yield on thecountry's benchmark bonds to almost 19 percent for the first timesince the global financial crisis, according to Bloomberg News.Oil accounts for 97 percent of foreign exchange income, which thecountry needs to pay about US$28.5 billion of bond principal duein 2016, Bloomberg News relates.

To defend oil prices, Mr. Maduro said he sent the country'sforeign minister to five oil producers, including Mexico andRussia, to drum up support ahead of the Nov. 27 meeting of theOrganization of the Petroleum Exporting Countries, which Venezuelaco-founded, Bloomberg News notes. Back in the late 1990s,Venezuela ended a slump in oil prices by cutting production alongwith other OPEC and non-OPEC producers, Bloomberg News relates.

"We are in a campaign to defend Venezuela, Venezuelan oil,international markets and the price of oil," Bloomberg News quotedMr. Maduro as saying. "Oil sustains the development of oureconomic and social life," Mr. Maduro added.

Venezuela will earn US$16 billion less in 2015 than this yearbecause of the decline in oil prices, Jefferies Group LLC LatinAmerica analyst Siobhan Morden wrote in a Nov. 12 note to clients,Bloomberg News notes. At current spending rates, Venezuela needsoil to rise to US$110 a barrel to balance its accounts, BloombergNews adds.

=================X X X X X X X X X=================

* BOND PRICING: For the Week From Nov. 10 to Nov. 14, 2014----------------------------------------------------------

Monday's edition of the TCR-LA delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-LA editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The MondayBond Pricing table is compiled on the Friday prior to publication.Prices reported are not intended to reflect actual trades. Pricesfor actual trades are probably different. Our objective is toshare information, not make markets in publicly traded securities.Nothing in the TCR-LA constitutes an offer or solicitation to buyor sell any security of any kind. It is likely that some entityaffiliated with a TCR-LA editor holds some position in theissuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

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Information contained herein is obtained from sources believed tobe reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,delivered via e-mail. Additional e-mail subscriptions for membersof the same firm for the term of the initial subscription orbalance thereof are US$25 each. For subscription information,contact Peter A. Chapman at 215-945-7000 or Nina Novak at202-362-8552.